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Bitget Review 2024: Fees, Pros & Cons
Luis Clark
- URL: https://www.bitget.com
- Headquarter: Singapore
- Year Founded: 2018
- Platform App: Web/Mobile
- No. of Cryptos: 450+
- Fiats Available: 42+
- Withdraw Method: Cryptocurrency, bank transfer
- Payment Method: P2P, Third-party payment services, Credit/Debit card, Google Pay, Apple Pay
Bitget Review: Our Opinion
The Bitget crypto platform is best for copy trading and is built for intermediate and experienced traders as well as people looking for a large selection of crypto assets. Bitget is also a great platform for low fees, futures markets and spot trading, leveraged trading, and derivatives trading in general.
An Overview of Bitget
Founded in 2018, Bitget is a cryptocurrency exchange headquartered in Singapore. The cryptocurrency exchange offers its global users crypto trading solutions with a focus on copy trading also known as social trading.
Currently, Bitget hosts more than 8 million registered users and 55,000 professional traders from over 100 countries in the world.
The Bitget exchange is ranked by various cryptocurrency data platforms as one of the top 5 crypto exchanges for derivatives trading. It has also managed more than $100 billion in trading volume.
Pros
- It supports over 450 cryptocurrencies and numerous crypto trading pairs
- Offers copy trading for inexperienced traders
- It has a mobile app
- Fee discounts are available
- Supports leveraged trading
- Access to trading history
- Bitget futures trading, derivatives trading, etc.
- Copy trading can be manually stopped
Cons
- Not beginner-friendly
- No NFT support
Bitget Review: Unique Features
One-Click Copy Trading
Bitget One-Click Copy Trading is a trading program designed for beginners and inexperienced traders who do not know their way around the crypto market but wish to start trading and investing in digital assets. With this feature, beginners can copy the trade orders of expert users and maximize profit.
Bitget prides itself as the largest crypto copy trading platform in the world. Its One-Click Copy Trading platform has over 100,000 professional traders and over 1 million followers.
Traders who copy other traders are known as copiers or followers. Asides from copying orders, followers can also go through a verifiable list of orders and adjust a professional trading strategy to fit their preferences.
Experienced traders can earn passive income via copy trading by getting copied by other traders. Bitget pays expert traders as much as 10% of their followers’ revenue. They also enjoy other benefits such as bonuses, exclusive programs, and increased public exposure as influential voices in the crypto community.
As already stated Bitget One-Click Copy Trade has over 100,000 professional traders, and choosing the right trader to copy can often be tedious. To make things a lot simpler for copiers, Bitget has a filter menu that copiers can use to filter their search results. The filter button can be found at the top of the Copy Trade page.
The fastest way to find an expert trader that suits your preference is to check the trader ranking or Assets Under Management (AUM). Information on Bitget’s website shows that using this method has a 40% success rate for profit.
Copiers can also turn on the “Hide Full” toggle to hide expert traders who have reached their maximum capacity and can no longer accept more followers. If your preferred expert trader’s follower list is full, you can set a reminder to get notified when there is a free slot.
Copiers can turn off the “local” toggle to view all expert traders on Bitget worldwide. If you wish to only see traders in your time zone you can leave this filter on.
While leaving the “local” filter on will allow you to see traders within your timezone and enable you to monitor trades at your convenience, turning off the filter is more beneficial as it gives you access to the pool of international traders and increases your chances of finding the right fit.
Once you set the filters to your preferred choice, look for expert traders that have over 100 followers and over 50 trading orders. These traders are generally more credible.
BGB Earn
BGB Earn is Bitget’s asset management platform that allows users to invest and grow their BGB holdings. Users earn BGB by subscribing to various products that support early redemption.
With Bitget Earn users can earn up to 20% interest on their crypto assets. Coins currently available for the Earn Program include Bitcoin, Terra, XRP, Polkadot, Tether, Ethereum, USD Coin, Avalanche, and Axie Infinity.
To get started, all you need to do is log in to your Bitget account, go to the BGB Earn page, and click the Savings tab beside BGB Earn and Launchpool.
On the pop-up page, enter the amount of crypto asset you wish to invest in the Earn Program.
Finally, click on the “Subscribe” button. You are done.
Your BGB earnings will be credited to your spot account daily.
BGB Earn is available to all Bitget customers who have completed the ID verification. Users also have the minimum amount required for investment in their Spot account to be successfully enrolled in the Earn Program.
Bitget allows customers can redeem their funds before the product expiration date. Redemption can be done on any day starting one day after the value date.
To redeem your funds, go to the Earn page and scroll to “Manage Orders”. Go to the right of the selected order and click “Redeem”.
Bitget deducts an amount equal to a portion of your total earnings from your Spot account as a penalty for early redemption. Also, no interest payment will be made on the day of the early redemption.
Bitget Token (BGB)
Bitget Token (BGB) is the utility token of the Bitget cryptocurrency exchange. BGB is a replacement for the original platform token Bitget DeFi Token. The total supply of Bitget Tokens is 2,000,000,000 BGB.
Bitget Token has a wide range of applications and benefits within the Bitget ecosystem. A major benefit of BGB is fee deduction. BGB holders enjoy transaction fees discount on the Bitget exchange. Traders who use BGB to pay for spot trading transaction fees enjoy a 20% discount.
BGB can also be used as a contract margin for contract testing. In the near future, traders who use BGB as the margin can enjoy up to a 15% discount on futures contract transactions.
Bitget users can stake BGB to earn passive income. The token can also be traded to get tiered rewards. The rewards earned are based on the transaction amount.
BGB holders can buy Bitget wealth management products to get multipliers and use the token to access high-quality investments in their early stages and subscribe to the Launchpad quota.
Other benefits enjoyed by BGB holders include: voting to decide a project will go live on Bitget, participating in the 1U limited-time snap-up activity, access to exclusive token airdrops, participation in the blind box opening event, and participation in the BGB lottery.
BGB holders can also get new currency rewards for pledging BGB for Launchpool, they also enjoy at least a 50% discount on popular high-quality currencies.
Bitget Mobile App
With the Bitget App, Bitget traders can access their Bitget account and enjoy a better trading experience from their mobile devices. With the app, crypto traders can buy, sell and trade crypto as well as engage in derivative trades and futures trading on the go.
The mobile app gives users all the features available on Bitget’s desktop trading platform. This includes Grid trade for spot or futures, copy trading of over 450 supported cryptocurrencies, and trading pairs including Bitcoin, Ethereum, Litecoin, BGB, etc.
Users can also easily deposit into their Bitget account via the app by copying the deposit address or scanning the QR code. The app also gives users access to other methods of purchasing crypto including P2P trading, bank deposit, or third-party payment.
The mobile app gives users access to Bitget’s Strategy Hub where they can choose from a vast library of copy trading strategies and pick a strategy to mirror with Bitget’s bot.
The app has an insight party which includes analysis of hit coins, market research, news of cryptocurrency, etc. Users can publish their insights about the current market in this section and share them with other users.
Bitget Sub-Account
The Sub-accounts feature allows Bitget traders to manage smaller standalone Bitget accounts nested under a single main account. This feature is ideal for users who wish to isolate assets, positions, or accounts. Each Bitget account can support up to 20 sub-accounts.
Once you have created the sub-account, you will be able to view it in the “Sub Account Management” list. From this list, you will be able to check the balance of all your sub-accounts and check open orders, order history, and trading details of all the sub-accounts.
Bitget does not allow the direct withdrawal of assets from sub-accounts. You can only withdraw the funds in the subaccount after moving them to the main account. Currently, the Bitget platform does not support the transfer of funds from sub-accounts to third-party accounts. You can however transfer funds between sub-accounts using your main account.
Bitget sub-accounts can become a trader or a copier for Bitget’s copy trading. To do this you will first need to log out of the main account and log in to the sub-account.
The main account and all sub-accounts under it share the same identity verification so there is no need to submit KYC for the sub-accounts. The sub-account can also not create the API Key but it can bind with Google two-factor authentication.
Cryptocurrencies Available on Bitget
Bitget supports over 450 cryptocurrencies. Available cryptocurrencies include Bitcoin, Ethereum, Litecoin, Chainlink, Polkadot, Dogecoin, Bitcoin Cash, Polygon, Stellar Lumens, Shiba Inu, Avalanche, Tron, Filecoin, USD Coin, XRP, Uniswap, Axie Infinity, Terra, etc.
Bitget Review: Fees
The Bitget exchange does not charge fees for crypto deposits in the exchange.
Spot Trading Fees
For spot trading fees each trade carries a flat trading fee of 0.1% for both maker and taker fees. However, the spot trading fee will be cut down by 20% if you use BGB (the platform’s native currency) for payment.
This works automatically, if you hold BGB in your Bitget exchange account, the platform will automatically subtract trading fees from your BGB balance at the discount price. If your BGB balance isn’t enough to support the required trading fees for the transaction, the trading fee will be paid without the discount according to the usual method.
So here are a couple of supported trading pairs and the fees plus BGB discounts for each:
LINK/USDT
- Maker: 0.1%
- Taker: 0.1%
- Maker paid with BGB: 0.08%
- Taker paid with BGB: 0.08%
UNI/USDT
- Maker: 0.1%
- Taker: 0.1%
- Maker paid with BGB: 0.08%
- Taker paid with BGB: 0.08%
SUSHI/USDT
- Maker: 0.1%
- Taker: 0.1%
- Maker paid with BGB: 0.08%
- Taker paid with BGB: 0.08%
COMP/USDT
- Maker: 0.1%
- Taker: 0.1%
- Maker paid with BGB: 0.08%
- Taker paid with BGB: 0.08%
AAVE/USDT
- Maker: 0.1%
- Taker: 0.1%
- Maker paid with BGB: 0.08%
- Taker paid with BGB: 0.08%
YFI/USDT
- Maker: 0.1%
- Taker: 0.1%
- Maker paid with BGB: 0.08%
- Taker paid with BGB: 0.08%
DOGE/USDT
- Maker: 0.1%
- Taker: 0.1%
- Maker paid with BGB: 0.08%
- Taker paid with BGB: 0.08%
CHZ/USDT
- Maker: 0.1%
- Taker: 0.1%
- Maker paid with BGB: 0.08%
- Taker paid with BGB: 0.08%
LINA/USDT
- Maker: 0.1%
- Taker: 0.1%
- Maker paid with BGB: 0.08%
- Taker paid with BGB: 0.08%
ENJ/USDT
- Maker: 0.1%
- Taker: 0.1%
- Maker paid with BGB: 0.08%
- Taker paid with BGB: 0.08%
MANA/USDT
- Maker: 0.1%
- Taker: 0.1%
- Maker paid with BGB: 0.08%
- Taker paid with BGB: 0.08%
TRX/USDT
- Maker: 0.1%
- Taker: 0.1%
- Maker paid with BGB: 0.08%
- Taker paid with BGB: 0.08%
XRP/USDT
- Maker: 0.1%
- Taker: 0.1%
- Maker paid with BGB: 0.08%
- Taker paid with BGB: 0.08%
BTC/USDT
- Maker: 0.1%
- Taker: 0.1%
- Maker paid with BGB: 0.08%
- Taker paid with BGB: 0.08%
ETH/USDT
- Maker: 0.1%
- Taker: 0.1%
- Maker paid with BGB: 0.08%
- Taker paid with BGB: 0.08%
ETH/BTC
- Maker: 0.1%
- Taker: 0.1%
- Maker paid with BGB: 0.08%
- Taker paid with BGB: 0.08%
LTC/USDT
- Maker: 0.1%
- Taker: 0.1%
- Maker paid with BGB: 0.08%
- Taker paid with BGB: 0.08%
BCH/USDT
- Maker: 0.1%
- Taker: 0.1%
- Maker paid with BGB: 0.08%
- Taker paid with BGB: 0.08%
ETC/USDT
- Maker: 0.1%
- Taker: 0.1%
- Maker paid with BGB: 0.08%
- Taker paid with BGB: 0.08%
EOS/USDT
- Maker: 0.1%
- Taker: 0.1%
- Maker paid with BGB: 0.08%
- Taker paid with BGB: 0.08%
SHIB/USDT
- Maker: 0.1%
- Taker: 0.1%
- Maker paid with BGB: 0.08%
- Taker paid with BGB: 0.08%
MATIC/USDT
- Maker: 0.1%
- Taker: 0.1%
- Maker paid with BGB: 0.08%
- Taker paid with BGB: 0.08%
1INCH/USDT
- Maker: 0.1%
- Taker: 0.1%
- Maker paid with BGB: 0.08%
- Taker paid with BGB: 0.08%
MKR/USDT
- Maker: 0.1%
- Taker: 0.1%
- Maker paid with BGB: 0.08%
- Taker paid with BGB: 0.08%
UMA/USDT
- Maker: 0.1%
- Taker: 0.1%
- Maker paid with BGB: 0.08%
- Taker paid with BGB: 0.08%
REN/USDT
- Maker: 0.1%
- Taker: 0.1%
- Maker paid with BGB: 0.08%
- Taker paid with BGB: 0.08%
ZRX/USDT
- Maker: 0.1%
- Taker: 0.1%
- Maker paid with BGB: 0.08%
- Taker paid with BGB: 0.08%
LRC/USDT
- Maker: 0.1%
- Taker: 0.1%
- Maker paid with BGB: 0.08%
- Taker paid with BGB: 0.08%
Futures Trading Fees
All futures trading transactions set you back by 0.02% and 0.06% of the total trade cost in maker and taker fees. That said, here’s how Bitget exchange calculates its futures fees.
Trading Fee = Order Value x Fee rate
The order value is the number of contracts x price. For instance, if trader R buys 1 BTCUSDT futures contract using a market order and trader D sells 1 BTCUSDT futures contract using a limit order with a transaction price of 40,000 USDT here are the fees.
The taker fee of trader R equals 1 x 40,000 x 0.06% which equals 24 USDT.
The maker fee of trader D equals 1 x 40,000 x 0.02% which equals 8 USDT.
Here are the fees of some futures trading pairs supported by Bitget exchange:
BTCUSDT
- Maker: 0.02%
- Taker: 0.06%
ETHUSDT
- Maker: 0.02%
- Taker: 0.06%
XRPUSDT
- Maker: 0.02%
- Taker: 0.06%
EOSUSDT
- Maker: 0.02%
- Taker: 0.06%
BCHUSDT
- Maker: 0.02%
- Taker: 0.06%
LTCUSDT
- Maker: 0.02%
- Taker: 0.06%
ADAUSDT
- Maker: 0.02%
- Taker: 0.06%
ETCUSDT
- Maker: 0.02%
- Taker: 0.06%
LINKUSDT
- Maker: 0.02%
- Taker: 0.06%
TRXUSDT
- Maker: 0.02%
- Taker: 0.06%
DOTUSDT
- Maker: 0.02%
- Taker: 0.06%
DOGEUSDT
- Maker: 0.02%
- Taker: 0.06%
SOLUSDT
- Maker: 0.02%
- Taker: 0.06%
MATICUSDT
- Maker: 0.02%
- Taker: 0.06%
BNBUSDT
- Maker: 0.02%
- Taker: 0.06%
UNIUSDT
- Maker: 0.02%
- Taker: 0.06%
ICPUSDT
- Maker: 0.02%
- Taker: 0.06%
AAVEUSDT
- Maker: 0.02%
- Taker: 0.06%
FILUSDT
- Maker: 0.02%
- Taker: 0.06%
XLMUSDT
- Maker: 0.02%
- Taker: 0.06%
ATOMUSDT
- Maker: 0.02%
- Taker: 0.06%
XTZUSDT
- Maker: 0.02%
- Taker: 0.06%
SUSHIUSDT
- Maker: 0.02%
- Taker: 0.06%
AXSUSDT
- Maker: 0.02%
- Taker: 0.06%
THETAUSDT
- Maker: 0.02%
- Taker: 0.06%
AVAXUSDT
- Maker: 0.02%
- Taker: 0.06%
LUNAUSDT
- Maker: 0.02%
- Taker: 0.06%
DASHUSDT
- Maker: 0.02%
- Taker: 0.06%
SHIBUSDT
- Maker: 0.02%
- Taker: 0.06%
XEMUSDT
- Maker: 0.02%
- Taker: 0.06%
Withdrawal Fees
Bitget charges dynamic withdrawal fees based on the status of the market.
Bitget Review: Payment Methods
To have access to any of the 3 supported payment methods (P2P trading, Credit/Debit card, and bank deposit) on the Bitget exchange you need to register an account with the platform and then go through their identity verification process.
Once that’s done you can deposit over 45+ fiat currencies including USD, EUR, GBP, HKD, JPY, and AUD depending on your country using their third-party payment service providers which support credit or debit card payments (MasterCard or Visa), Google Pay, and PIX.
Supported third-party payment processors for credit/debit card payments on Bitget exchange include Simplex, Banxa, and Mercuryo.
When engaging in P2P trading, you can choose to deposit fiat currency through various platforms such as Wise, Payeer, Perfect Money, and numerous others.
If you want to deposit fiat currencies via bank deposit you can do so with 3 fiat currencies including EUR, BRL, and GBP. For GBP you’ll need to use Fast Payment while EUR payments require SEPA payments. The BRL currency requires PIX for deposit transactions on Bitget.
Bitget Security
Bitget holds a U.S. MSB License and is regulated by The Financial Crimes Enforcement Network (FinCEN). It also holds a Canada MSB License and is regulated by the Financial Transactions and Reports Analysis Centre of Canada
Bitget has a protection fund that is self-funded. This allows the exchange to cover the loss of users’ funds without external bureaucracy.
It has an emergency insurance reserve of $300 million for users and has a Bitcoin, Tether, and Ethereum reserve.
Bitget uses a combination of both hot and cold wallets. The cold wallet uses multi-signature to achieve multiple authorizations. And important data is stored by segmenting in a bank safe which reduces risk by using offsite backup.
The private keys to the hot wallet are stored securely. Bitget uses FIPS 140-2 verified HSM or HSM under FIPS 140-2 verification to generate private keys and asymmetric keys are used to implement digital signatures.
The wallet services are physically isolated and are also subject to multiple layers of network isolation. Users’ data are protected with Secure Socket Layer Encryption in transit. The network servers are also protected by proper firewalls.
Bitget prevents suspicious deposits and abnormal withdrawal services involving suspicious device IDs, deposit and withdrawal addresses, IP addresses, and suspicious user behaviors.
All withdrawals from users’ accounts are subject to multiple layers of scrutiny before approval.
Users’ accounts are also protected with 2 different authentication types.
Bitget Staking Rewards
Bitget offers an Earn platform with one of the largest selections of programs when compared to other crypto exchanges. Programs within the Bitget Earn platform include:
Earn and Savings
This staking program includes flexible subscription plans and offers up to 32.11% APY in staking rewards. Some crypto assets supported include BTC, BNB, ATOM, DOT, and MATIC. You can also invest as low as $0.1.
Shark Fin
This staking program supports only 2 digital assets: Bitcoin and Tether and offers between 1% to 10% APR for a 7-day lock-in period on staked assets.
Launchpool
This program offers several staking pools where you can stake supported assets for farm yield. Users can earn up to 38.72% APY on staked assets.
BGB Earn
With this program, you simply need to deposit the exchange’s native coin BGB to earn an estimated APR of up to 6% for a lock-in period of 7 days.
Launchpad
This allows users to invest in particular crypto projects before they explode. You’ll be able to purchase tokens in their early days using BGB.
Supported Countries
Bitget supports over 100 countries. Supported countries include The United States of America, the United Kingdom, Canada, Japan, Australia, South Africa, India, Singapore, Turkey, Germany, etc.
Bitget Review: Opening a Bitget Exchange Account
Opening a Bitget account is quite straightforward. First, go to the Apple App Store or Google Play Store and download the Bitget app or go to Bitget’s website on your PC.
Once there, click the sign-up button located at the upper right of the navigation bar. If you’re using the app you can simply tap register on the home screen.
On the next page or screen, you’ll be requested to input your phone number and password.
Tap next, and they’ll send a verification SMS to your mobile device. You’ll need to enter the verification code in the relevant field on the Bitget app or website.
That’s it! Your account has been created. However, you’ll need to undergo identity verification to be able to deposit funds and purchase cryptocurrencies.
Bitget Review: Trading Experience
Bitget allows users to trade cryptocurrencies via its mobile app which is available on Android and iOS devices and its web platform which supports both MAC and Windows desktops.
When beginners first log in to the trading interface on Bitget exchange, the first feeling is that they’ll be overwhelmed by their product range as there’s contract trading, margin trading, spot trading, futures trading, etc.
There’s also copy trading for users who want to copy the trades of other traders. However, unlike most platforms that offer copy trading, if the original trader closes their trade, yours won’t automatically stop. You’ll be notified that they have closed the trade but you’ll need to do so manually.
For spot trades, Bitget does not offer margin trading and leverage trading for spot trading. So you won’t be able to borrow funds to boost your profits.
In general, the trading platform of the Bitget exchange is best suited for experienced traders and those who want to invest in copy trading.
Customer Service
Bitget offers customer support via email at support@bitget.com. It also has a Help Center with detailed guides on how to use the platform and troubleshoot common problems.
There is also a feedback page where users can send feedback to customer support about safety & security, the design layout, and other aspects of the exchange.
Customer Satisfaction
Bitget customer reviews on third-party review platforms like TrustPilot show that while some customers are satisfied with the ease of use of the platform, others have complained of the inability to get real human customer support on several occasions.
Bitget Review: Does Bitget Offer Education?
Bitget offers education via the Bitget Academy platform which covers topics on derivatives trading, futures trading, leverage trading, copy trading, contract trading, trading pairs, the Bitget advanced trading platform, and much more.
There are also topics covering the blockchain world at large like Metaverse, altcoins, blockchains, etc.
Bitget Review: Is Bitget Right for You?
Bitget is right for experienced traders. Beginners will find the cryptocurrency exchange very complex. While the exchange offers copy trading which is meant to be a beginner feature, you still need at least an intermediate knowledge of crypto to use it effectively on Bitget.
Final Thoughts
Bitget is an advanced platform with copy trading and derivative trading at its core. It is also one of the largest cryptocurrency exchanges in the world offering over 450 cryptocurrencies and hundreds of crypto trading pairs. However, the major con of the exchange is its ease of use. The cryptocurrency exchange presents a steep learning curve to beginners and crypto newbies.
FAQ
Most frequent questions and answers
You can withdraw your fiat currency from Bitget via bank transfer by selecting bank withdrawal. You’ll need to add your bank account if it’s your first time. If not, select an account. After this, you’ll need to enter the amount you want to withdraw and complete email and Google authentication.
No, Bitget is a centralized cryptocurrency exchange so you need to undergo KYC to use the platform fully.
Bitget copy trading is a legitimate service that allows users to copy the trades of expert users.
Just like its name copy trade is an innovative solution that enables users of a crypto exchange to directly copy the open positions of another trader. The trade copier can choose the amount they want to invest and simply copy all moves the expert performs in real time. So when the professional trader makes a trade your account will execute the same as well.
Copy trading allows you to directly copy the positions taken by another trader. You decide the amount you wish to invest and simply copy everything they do automatically in real-time -when that trader makes a trade, your account will make that same trade as well.
You don’t have to do anything to facilitate the trades and you’ll receive identical returns (proportional to your investment) on every copy trade transaction.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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